Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
sports betting has actually progressed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where lovers would bet as little as N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Regardless of financial obstacles such as inflation, Nigeria's sports betting wagering sector has thrived, drawing in millions, particularly among the youthful demographic facing high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates an estimated annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like import tax duties and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite challenges in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show market regulative gaps.
In spite of these obstacles, sports betting business continue to flourish through effective organization models and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing crucial roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have substantially contributed to Nigeria's $2 billion gaming empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers numerous functions in the gaming and show business, consisting of operating at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, sports betting where he served as the Lead Engineer in a Bingo and Bowling Club.
Olaniyan holds a BSc in Geography from the University of Ilorin and a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has actually turned into a leading e-commerce company in the wagering and gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, sports betting and sports betting has actually since broadened its existence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that integrates pertinent sports betting material, engaging features, and a world-class sportsbook.
Given that taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The business's employee headcount has actually increased by 29%, sports betting and annual earnings has actually risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have propelled LiveScore Group's success and assisted shape the market's direction. LiveScoreBet has actually achieved significant user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, having formerly worked as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry given that 2000, holding numerous successful roles, consisting of General Manager of a data analytics group and Director sports betting of a digital marketing agency.
Under Werkman's leadership, Betway has actually continued to grow its market existence and enhance its offerings. The company's app has amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her expertise covers the gaming, realty, and credit financing industries, where he has established himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Since June 2019, she has functioned as Managing Director and has overseen the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's operational techniques and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a completely functional website, setting a standard in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is fully licensed.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of wagering choices and an user-friendly platform. The 1XBET app has over 500,000 downloads on the Play Store.
Gossy Ukanwoke - CEO of Betking Nigeria
Gossy Ukanwoke is the CEO of BetKing, Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to develop developmental policies focused on empowering youths. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing every year. In the exact same year, MultiChoice broadcaster purchased a 20% stake in BetKing, which was increased to 49% in 2021.
Denise Coates - CEO Bet 365
Denise Coates is a British billionaire businesswoman, the founder, majority shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has because grown into one of the world's largest online gaming business.
By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered significant user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye - CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and co-founder of Bet9ja, sports betting a leading sports betting business in Nigeria, developed together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates investment returns and provides unique financial investment insights and solutions to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a substantial player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the business's development through collaborations, business strategy, and brand-new business advancement.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, and sports betting Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that uses sports betting wagering, gambling establishment games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.
SportyBet is a global sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually become a significant gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and sports betting mobile payments and a strong advocate for sports betting the growing African web ecosystem. His financial investments show his commitment to promoting innovation and development within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of cutting-edge innovation and a dedication to responsible gaming to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's largest and sports betting most innovative sports betting wagering platform.
At a press rundown, the company's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He added that the company's robust sponsorship and sports betting professional group will allow it to scale and control the market rapidly.
Islamic authorities raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started shutting down sports betting wagering stores, which they say are operating unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, sports betting called the Hisbah, sports betting informed the BBC.
Grievances from community leaders and moms and dads triggered the crackdown, fretted about the growing variety of gambling addicts, he said.
On the first day of raids, sports betting 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer said.
But Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - together with secular law.
Bookmakers and bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have television screens, and consumers see the result of international football matches or sports betting horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had actually been able to operate under the radar as they had actually opened under false pretences.
"They don't have licences to operate as they were permitted to run video games centres, which they later on converted to wagering stores," he stated.
The sports betting wagering industry has actually broadened drastically across West Africa in the last few years. The area is roughly divided in between a mainly Muslim north and a mainly Christian south.
Many people go to bookmakers to delight in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.
Nigeria's crippling economic crisis has also meant people are willing to run the risk of a percentage in the hope of winning huge.
But this had led to prevalent addiction, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen stated.
"These economic concerns we are facing in Nigeria is God informing us to alter our methods by stopping sins," he said.
The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those wagering shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would face - frequently, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting gaming and the usage of alcohol were banned.
